[Federal Register: January 21, 2009 (Volume 74, Number 12)]
[Notices]
[Page 3669-3670]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr21ja09-146]
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DEPARTMENT OF THE TREASURY
Submission for OMB Review; Comment Request
January 13, 2009.
The Department of the Treasury will submit the following public
information collection requirement(s) to OMB for review and clearance
under the Paperwork Reduction Act of 1995, Public Law 104-13 on or
after the date of publication of this notice. Copies of the
submission(s) may be obtained by calling the Treasury Bureau Clearance
Officer listed. Comments regarding this information collection should
be addressed to the OMB reviewer listed and to the Treasury Department
Clearance Officer, Department of the Treasury, Room 11000, 1750
Pennsylvania Avenue, NW., Washington, DC 20220.
DATES: Written comments should be received on or before February 20,
2009 to be assured of consideration.
Internal Revenue Service (IRS)
OMB Number: 1545-1962.
Type of Review: Extension.
Form: 8899.
Title: Notice of Income Donated Intellectual Property.
Description: Form is filed by charitable org. receiving donations
of intellectual property if the donor provides a timely notice. The
initial deduction is limited to the donor's basis; additional
deductions are allowed to the extent of income from the property,
reducing excessive deductions.
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 5,430 hours.
OMB Number: 1545-1231.
Type of Review: Revision.
Title: Final (T.D. 9436) Tax Return Prep/IA-38-90 Final Regulations
(T.D. 8382) Penalty on Income Tax Return Preparers Who Understate
Taxpayer's Liability on a Federal Income Tax Return or a Claim for
Refund.
Description: This information is necessary to make the record of
the name, taxpayer identification number, and principal place of work
of each tax return preparer, make each return or claim for refund
prepared available for inspection by the Commissioner of Internal
Revenue, and to document that the tax return preparer advised the
taxpayer of the penalty standards applicable to the taxpayer in order
for the tax return preparer to avoid penalties under section 6694. The
likely respondents are tax return preparers and their employers. These
regulations implement amendments to the tax return preparer penalties
under sections 6694 and 6695 of the Internal Revenue Code and related
provisions under sections 6060, 6107, 6109, 6696, and 7701(a)(36)
reflecting amendments to the Code made by section 8246 of the Small
Business and Work Opportunity Tax Act of 2007 and section 506 of the
Tax Extenders and Alternative Minimum Tax Relief Act of 2008. The final
regulation affects tax return preparers and provides guidance regarding
the amended provisions.
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 10,679,320 hours.
OMB Number: 1545-0913.
Type of Review: Extension.
Title: Below-Market Loans LR-165-84 (NPRM).
[[Page 3670]]
Description: Section 7872 re-characterizes a below-market loan as a
market rate loan and an additional transfer by the lender to the
borrower equal to the amount of imputed interest. The regulation
requires both the lender and the borrower to attach a statement to
their respective income tax returns for years in which they have either
imputed income or claim imputed deductions under section 7872.
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 481,722 hours.
OMB Number: 1545-1955.
Type of Review: Extension.
Form: 8894.
Title: Request to Revoke Partnership Level Tax Treatment Election.
Description: IRC section 6231(a)(1)(B)(ii) allows small
partnerships to elect to be treated under the unified audit and
litigation procedures. This election can only be revoked with the
consent of the IRS. Form 8894 will provide a standardized format for
small partnerships to request this revocation and for the IRS to
process it.
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 186 hours.
OMB Number: 1545-1353.
Type of Review: Extension.
Title: FI-189-84 (TD 8517--Final) Debt Instruments With Original
Discount; Imputed Interest on Deferred Payment Sales or Exchanges of
Property.
Description: These regulations provide definitions, reporting
requirements, elections, and general rules relating to the tax
treatment of debt instruments with original issue discount and the
imputation of, and accounting for, interest on certain sales or
exchanges of property.
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 185,500 hours.
OMB Number: 1545-1041.
Type of Review: Extension.
Title: PS-102-86 (TD 8316--Final) Cooperative Housing Corporations.
Description: This regulation provides an elective alternative to
the proportionate share rule for allocating interest and taxes to the
tenant stockholders of cooperative housing corporations.
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 625 hours.
OMB Number: 1545-1466.
Type of Review: Extension.
Title: Third-Party Disclosure Requirements in IRS Regulations.
Description: This submission contains third-party disclosure
regulations subject to the Paperwork Reduction Act of 1995.
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 68,885,183 hours.
Clearance Officer: Glenn P. Kirkland, (202) 622-3428, Internal
Revenue Service, Room 6516, 1111 Constitution Avenue, NW., Washington,
DC 20224.
OMB Reviewer: Nicholas A. Fraser, (202) 395-5887, Office of
Management and Budget, Room 10235, New Executive Office Building,
Washington, DC 20503.
Celina Elphage,
Treasury PRA Clearance Officer.
[FR Doc. E9-1070 Filed 1-16-09; 8:45 am]
BILLING CODE 4830-01-P